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Buying or selling property is one of the most important (and probably stressful) legal transactions that people undertake in their lifetime. If you are buying property in Spain, you need to be aware of the Spanish system and be confident that your lawyer has experience dealing with the complex system so that you can go through the process with as little stress and undue cost as possible.

Perez Legal Group has been operating in Spain for over 20 years. With English speaking lawyers, their property team will ensure a smooth legal process, safe investment and a hassle-free experience anywhere in Spain.

 

Before viewing a property in Spain, Perez Legal Group recommends that you familiarise yourself with these basic guidelines:

 

  1. Organise your funds

To reserve a property in Spain, it is customary to place a holding deposit, which will take the property off the market and prevent you from losing it to a third party. The normal amount is 6.000 euros.

 

  1. Use local English-speaking lawyers

It is vital that you use an English-speaking lawyer, based in Spain. They will ensure that the property you are buying meets all the necessary legal criteria.

 

  1. Get advice

At Perez Legal Group, we provide our clients with a free initial consultation prior to purchase so that you can ask any questions and talk through any concerns.

 

  1. Get everything in writing

Never hand over a deposit unless it is accompanied by clear written guarantees, laying down the terms of the sale. Never hand a deposit directly to a private vendor. All reputable agents and developers will hold your deposit in a protected client account.

 

  1. Starting the purchase procedure

Whilst your property is reserved, your lawyer can make all the necessary verifications to ensure that the home is clean of any debts or charges. If it is an off-plan property, your lawyer will ensure all the necessary licenses and bank guarantees are in place. After two-three weeks it is customary to exchange contracts, at which time if purchasing a resale property 10% of the purchase value must be paid and if it is a new development, you are required to pay 30-40%, though it will depend on the payment schedule set by the developer.

 

  1. Final completion

The property sale is formally completed when the deeds, or “escritura” are signed before a Notary and when the full payment is made. Then the ownership is formally handed over to the buyer.

For more information on buying property in Spain, download Perez Legal Group´s free Guide to Buying in Spain book, written by Raquel Perez who has more than 20 years’ experience people from overseas to buy homes in Spain.

http://perezlegalgroup.com/guide-to-buying-in-spain/

If you are looking to buy or sell a property in Spain, one of the things to consider carefully should be how you’re going to transfer your money, as the difference in exchange rates can really make a huge difference to the amount this will ultimately cost you. Some buyers and vendors will automatically assume that using their own bank is the simplest and most cost effective way of doing this, however this usually isn’t the case.

 

Foreign Currency Direct turn over in excess of half a billion Pounds per year and this therefore provides us with far more buying power than an individual alone would have when transferring currency through their bank. In addition to the cost savings that we can offer on your currency exchange, our service is extremely personal and you will have one point of contact here throughout all of your dealings with us. Your personal account manager will take the time to get to know all about your situation, and use their expert knowledge of the markets to keep you informed of exchange rate fluctuations so that you can achieve the most for your money. The average tenure for our traders is over 8 years, and you can use their vast experience to help you navigate the Spanish buying and selling process, whilst helping you to time your currency exchange to trade at the peaks.

 

Not only do we provide extremely competitive rates of exchange compared to the High Street banks, but we also understand the nuances of the Spanish property market. Having helped thousands of clients to buy and sell properties in Spain, we are perfectly positioned to organise your currency transfer. We can also send payments directly to your Solicitor for your property purchase, or funds can be sent directly from the Solicitor to either our UK or Spanish based Euro bank account following completion of a property sale, all to help you to avoid potential bank charges.

 

Foreign Currency Direct are authorised by the FCA as an Electronic Money Institution, so you can be comfortable knowing that your money is being handled responsibly, whilst being held in segregated accounts which are used to keep your money and company funds completely separate.

 

We also offer a number of options which are designed to help you to target and capitalise on favourable exchange rates. One option we offer is a forward contract which allows clients to purchase their currency in advance, so that if the exchange rate falls you can feel comfortable that your currency is already secured.  This can remove the risk of market volatility which could impact your return significantly, while you wait for your property to complete.

 

If you would like more information on how we can help with a future property sale or purchase, or if you have any smaller transfers to make such as regular pension payments, please don’t hesitate to get in touch. My name is Amelia Spencer and I can be contacted by email at This email address is being protected from spambots. You need JavaScript enabled to view it. or alternatively please feel free to give me a call on 0044 (0) 1494 787484.

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